Is Your Real Estate Agent a Realtor?

The words REALTOR® and Real Estate Agent are often used interchangeably, but are not the same!
Both are licensed to sell real estate, but the difference between a Realtor and a Real Estate Agent is that a Realtor must subscribe to the REALTOR® Code of Ethics.

The Code of Ethics is strictly enforced. It contains 17 Articles and various underlying Standards of Practice. Here are 17 things that a REALTOR® promises to do that non-affiliates do not:

#1) Pledge to put the interests of buyers and sellers ahead of their own and to treat all parties honestly.  

#2) Shall refrain from exaggerating, misrepresenting or concealing material facts; and is obligated to investigate and disclose when situations reasonably warrant. 

#3) Shall cooperate with other brokers / agents when it is in the best interests of the client to do so. 

#4) Have a duty to disclose if they represent family members who own or are about to buy real estate, or if they themselves are a principal in a real estate transaction, that they are licensed to sell real estate. 

#5) Shall not provide professional services in a transaction where the agent has a present or contemplated interest without disclosing that interest.  

#6) Shall not collect any commissions without the seller's knowledge nor accept fees from a third-party without the seller's express consent. 

#7) Shall refuse fees from more than one party without all parties' informed consent. 

#8) Shall not co-mingle client funds with their own.  

#9) Shall attempt to ensure that all written documents are easy to understand and will give everybody a copy of what they sign.  

#10) Shall not discriminate in any fashion for any reason on the basis of race, color, religion, sex, handicap, familial status, or national origin.

#11) Expects agents to be competent, to conform to standards of practice and to refuse to provide services for which they are unqualified.

#12) Must engage in truth in advertising.

#13) Shall not practice law unless they are a lawyer.

#14) Shall cooperate if charges are brought against them and present all evidence requested.

#15) Agree not to bad mouth competition and agree not to file unfounded ethics complaints.

#16) Shall not solicit another REALTOR'S client nor interfere in a contractual relationship.

#17) Shall submit to arbitration to settle matters and not seek legal remedies in the judicial system.
The National Association of REALTORS® was founded in 1908 and has more than one million members.

Member lookup here: Realtor Lookup


No comments:

Post a Comment

Note: Only a member of this blog may post a comment.